Dell Inc. and EMC Corporation have just announced a huge deal that engenders the single biggest tech merger in history.
The acquisition is said to be worth a reported $67 billion.
“Under the terms of the agreement, EMC shareholders will receive $24.05 per share in cash in addition to tracking stock linked to a portion of EMC’s economic interest in the VMware business,” a provided statement to the media reads.
The EMC Board of Directors approved the merger agreement and intends to recommend that stockholders of EMC approve the agreement.
“The combination of Dell and EMC creates an enterprise solutions powerhouse bringing our customers industry leading innovation across their entire technology environment. Our new company will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data center, converged infrastructure, hybrid cloud, mobile and security,” says Michael S. Dell, the CEO of Dell. “Our investments in R&D and innovation along with our privately-controlled structure will give us unmatched scale, strength and flexibility, deepening our relationships with customers of all sizes. I am incredibly excited to partner with the EMC, VMware, Pivotal, VCE, RSA and Virtustream teams and am personally committed to the success of our new company, our customers and partners.”